Corporate consolidations lifted the markets markets to a higher open with the Dow climbing 99 points to 24,410. Nasdaq rose 14 points to 7133.
On the upside
First Data (NYSE: FDC) reported higher first quarter earnings that beat expectations prompting the company to lift its full year forecast.
Andeavor (NYSE: ANDV) will be acquired by Marathon Petroleum (NYSE: MPC) for a premium of approximately $23 billion in cash and stock.
Marriott Vacations Worldwide (NYSE: VAC) will acquire ILG (Nasdaq: ILG) in a cash and stock deal valued at approximately $4.7 billion.
On the downside
T-Mobile (NYSE: TMUS) will acquire Sprint (NYSE: S) for $26.5 billion in stock.
Arconic (NYSE: ARNC) reported sharply lower first quarter earnings and lowered its full year forecast.
Wedbush downgraded Wayfair (NYSE: W) from an Outperform rating to a Neutral rating and slashed its price target from $90.00 to $63.00.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by more than 3 to 2 on Nasdaq. The broader S&P 500 rose 6 points to 2,675. Bitcoin lost $43 to $9,279.
